New Jersey REIT Pays $15.2 Million for Amazon-Leased Industrial Building in Oklahoma City
admin / September 2020
Monmouth Picks Up 121,000-Square-Foot Industrial Building North of Will Rogers International.
Monmouth Real Estate Investment Corp., a real estate investment trust that specializes in single-tenant, net-leased industrial properties, has purchased a recently built warehouse in Oklahoma City that’s fully leased by Amazon.
The Holmdel, New Jersey-based REIT acquired the 120,780-square-foot industrial building for $15.2 million, or about $126 per square foot. Industrial Developers of Oklahoma was the seller, according to CoStar data.
Located at 6101 SW 44th St., the industrial building was developed in 2019 and is net-leased for 10 years to e-retailer Amazon. The facility is situated on a 22-acre site, which has ample expansion capacity and located immediately north of the Will Rogers International Airport, according to Monmouth President and CEO Michael P. Landry.
“E-commerce sales in the US grew by almost a third in Q2 and are up 44.5% year over year,” Landry said in a statement. “With 99.4% occupancy and a robust acquisition pipeline, Monmouth’s portfolio is strongly linked to the digital economy.”
Monmouth’s portfolio comprises 119 properties totaling about 23.4 million square feet across 31 states.
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